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CONSOL completes sale of 5 W.Va. mines

By From staff and wire reports

CHARLESTON, W.Va. -- CONSOL Energy Inc. says it has completed the sale of subsidiary Consolidation Coal Co. to Murray Energy.

The sale includes five longwall mines in West Virginia. They include the McElroy, Shoemaker, Robinson Run, Loveridge and Blacksville No. 2 mines.

The deal also gives Ohio-based Murray Energy about 1.1 billion tons of coal reserves.

Murray Energy paid $850 million in cash and will take $2.4 billion in liabilities off CONSOL's balance sheets.

Pennsylvania-based CONSOL said Thursday in a news release that Murray Energy also is taking on its pension obligations with the United Mine Workers of America. The West Virginia mines produced a combined 28.5 million tons of thermal coal in 2012.


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